Marquette University
e-Publications@Marquette
Economics Courses
1-1-2010
(2) Sample Syllabus: Econ 2003
Steven Crane
[email protected]
Business Administration, College of
Econ 2003
PRINCIPLES OF MICROECONOMICS
Spring 2010
-----------------------------------------------------------------------------------------------------------------------------------INSTRUCTOR:
Steven Crane
OFFICE NO.:
PHONE:
DS 677
(414) 288-1450 (MU Office)
(414) 795-4711 (cell with texting)
Twitter: cranese #cranecon
Skype: steve-crane, or (414) 395-2418
OFFICE HRS:
T/Th Noon - 2:00 p.m.
T
3:30 - 5:00 p.m.
W
3:30 - 5:00 p.m.
(and by appointment, through postings on “Ask Crane” D2L Discussion, or other arrangements)
E-MAIL:
CLASS WEB SITE:
[email protected]
Access through D2L System ( https://d2l.mu.edu/index.asp )
REQUIRED
RESOURCES:
Text: William A. McEachern, Microeconomics, 8e
Aplia on line companion ( https://econ.aplia.com/af/servlet/login )
Video Presentations on D2L Site; perhaps with associated quizzes
COURSE DESCRIPTION:
This is the first of two introductory economics courses. Together the two offer a fairly comprehensive
survey of the foundations of economic analysis. Econ 2003 concentrates on microeconomic issues
pertaining to individual households, firms, markets, and governments; while Econ 2004 takes a more
aggregate or bird’s-eye view of these issues, and also considers economy-wide problems such as inflation
and unemployment.
The central theme of microeconomics is the operation of markets and how they work or don't work as a
mechanism for coordinating economic activity. We will be concerned primarily with developing and using
simple models that illustrate the operation of market forces. Doing this will help us analyze economic
activity and predict the consequences of changes in the market environment.
Our approach is as follows: We will begin with a discussion of the basic economic concept of scarcity and
some of its implications. Then we will develop a simple model of a market for a good or service. This will
provide an overview of the way markets function as well as an introduction to the general methodology of
economic analysis. Next we will take a closer look at the forces behind our simple model. We will consider
a formal model of consumer choice that provides a foundation for the demand side of a market. After that,
we will analyze the production and cost issues that are relevant to a business firm’s decision-making, and
that provide a foundation for the supply side of a market. We will also consider models of firm decisionmaking in various market structures. We will conclude the semester by taking a brief look at some reasons
why markets may not function as well as we would like them to, and how several government policies might
be used to improve the situation. This discussion will include an overview of antitrust laws, economic
regulation, public provision of goods and services, and the uses of taxes/subsidies to alter market outcomes.
Throughout the semester, our emphasis will be on developing, understanding, and manipulating standard
microeconomic models. Students will be expected to be able to apply these models when analyzing real
world situations. If you master the content of this course you will understand the basics of how a market
economy operates, and will have acquired a set of analytic skills that should prove useful to you in both
your professional and private lives. If you take additional courses in economics you should find that you are
well prepared.
ACADEMIC DISHONESTY
The University’s new guidelines will be rigorously enforced in this class. Consult the Undergraduate
Bulletin for Details. Or better yet, don’t do anything that can be even remotely considered to be a problem.
To encourage honesty, exams will be carefully monitored, and no outside materials (including personal
calculators) will be allowed. Reports will be submitted in electronic form for evaluation by the Library’s
“TurnItIn” plagiarism evaluation software. They will also be graded in TurnItIn. The course code for
TurnItIn is: 3067644; password is: honest
Working together can be an effective way to learn econ. You are encouraged to do so in reviewing your
notes, the text, and working on review questions. Formal assignments and reports & quizzes are to be your
own work. “Collaborative” submissions are not acceptable, and will be treated as academic dishonesty. If
you have any doubts, check with me.
ECONOMICS DEPARTMENT & COLLEGE OF BUSINESS LEARNING OBJECTIVES
Both the economics department and the College of Business have developed specific learning goals and
objectives that are relevant to the courses being offered. This course is structured to comply with the
objectives that are applicable.
The relevant economics department learning objective for this course is:
1.
Understand and apply the standard analytic tools of applied economic analysis.
The compatibility of this course with the department’s learning objective should be quite clear from the
course description.
The relevant College of Business learning objectives for this course are:
1.
2.
3.
Possess effective written and oral communication skills.
Be knowledgeable of the local business environment.
Possess critical thinking skills.
First Objective: This course concentrates on the written component. This is accomplished through the
essay questions on the exams, the discussion board postings, and, perhaps most importantly, through the
written reports.
Second Objective: This course concentrates on the broad environment within which businesses operate.
This includes the nature of markets, and how several government policies affect the market environment.
Third Objective: This course focuses exactly on these skills. Being able to develop, understand, and apply
microeconomic models requires a rigorous analytic thought process and critical reasoning skills.
More information on assessment can be found at (http://www.marquette.edu/assessment/) or
(http://www.busadm.mu.edu/undergraduate/LearningObjectives.shtml)
GRADES:
Final grades in this course are based on the number of points earned on two full-period midterm exams, a
noncumulative final exam comparable to the midterms, three one-page application reports, exercises in the
Aplia online companion, required D2L quizzes, and five discussion board postings.
Item
Each Exam
Each Report
Total Aplia
Total D2L Quizzes
Total Discussion
Total
Total Combined Course
Points Points Grade Weight
110
330
66%
25
75
15%
50
50
10%
40
40
8%
5
5
1%
500
100%
Grading Scale
A
450
90%
AB
425
85%
B
400
80%
BC
375
75%
C
325
65%
CD
300
60%
D
250
50%
The scale for converting points to letter grades is my baseline standard. However, modest adjustments up
or down may occur at the end of the semester, based on logical breakpoints in the distribution. Also,
opportunities for active participation are available, and students near the tops of grade cutoffs at the end of
the semester may get boosted as a result of worthwhile and active participation effort. There are no
individual extra credit options.
EXAMS:
The exams are conventional assessments of your mastery of specific course material. They will likely
contain 25 (challenging) multiple choice questions, 5-10 fill-in-the-blank or short response questions, and 2
short essay questions. Exam material will come from the lectures, streaming videos, the text (and any other
assigned reading), and class discussions. Sample review questions will be available throughout the
semester, both as simple text files and in D2L Quiz format. Exam questions will be similar, and some
will be taken from these review sheets. Formal answer keys to review questions will not be provided. But
I will be happy to go over answers with students who have prepared them. Some answers and some
“hints” as to the nature of the answer are provided electronically in the D2L quiz format. In addition to my
review questions (quizzes), there are sample quizzes provided by the textbook publisher. Links to these are
provided in the course outline on the class D2L site. These should be considered secondary study aids.
Every effort should be made to avoid missing an exam. If you must miss an exam, contact me in advance
to discuss the possibility of making alternative arrangements. In general, however, if you miss an exam you
can expect to take an appropriate but more challenging make-up (whose format will likely differ from the
regular exams) on Thursday May 6 at 3:30 p.m. If this applies to you, be sure to confirm with me
within a week of missing the exam, and reconfirm with me on Tuesday May 4, otherwise this option
will be lost.
REPORTS:
One way to make economics more interesting and practical is to pay close attention to the economic issues
that are at the heart of current events and news stories. This also provides an opportunity to demonstrate
mastery of the material by noting and explaining economic concepts at work in the “real world.” We will
do this with a series of reports focused on three broad topics of material in this course:
1. Demand/Supply, Elasticity & the Operation of Goods Markets
2. Optimal Decision Making by Consumers (Utility) or Firms (Production, Cost or Profitability)
3. Firm Market Structure/Performance or Government Policies & Market Failure
More details on each assignment will be provided on D2L. But the basic assignment is as follows: You are
to select a story from the news. Sources might include: the Wall Street Journal, the Milwaukee Journal
Sentinel or other newspaper, a News Magazine (e.g., Time, Business Week), or an appropriate internet
news website. However, material on websites and other support material tied to some economics
class or textbook is not to be used. You must find your own examples. You are welcome to check out
possible topics or articles with me as they are encountered. All articles selected must be current—that
means not older than December 2009. Older articles will be penalized a minimum of 3 points.
Once you find a good article that fits the topic of the report, think about how it illustrates relevant economic
concepts that have been developed in class. Then write an approximately 1-2 page typed report explaining
the economic issues contained in the article. Note that some summarizing of the article is inevitable, but the
explanation of the economics is the key, not the summary. The reports should also contain a URL link
and/or formal citation for the article. Reports must be submitted to TurnItIn by the beginning of class on
the following dates:
Report 1:
Feb 25
Report 2:
Apr 15
Report 3:
May 6
Reports that are not turned in as electronic files, to TurnItIn, on time (by the start of class), will be
graded as usual, but a 3 point penalty will be assessed. This means reports are not accepted in class,
by email, in my mailbox, or in my office, etc. These will be ignored, unless previous arrangements are
made with me. Papers turned in more than a day late will receive a minimum automatic additional 3 point
penalty. Papers not turned in by 2 pm 1 week after the original deadline will not be graded. Your
score will be a zero. The course code for TurnItIn is: 3067644; password is: honest
Be sure to get a digital receipt to document your submission.
APLIA:
Active practice using, manipulating, and applying the tools of economic analysis is an important part of
mastering the material. The active effort both reinforces class presentations and provides a series of “minichecks” of understanding prior to the bigger checks that occur at exam time. The Aplia on line exercises
will serve this function. A series of exercises will be assigned throughout the semester. Each will have a
very specific due date coming shortly after the material is covered in class. The timing of the exercises and
the exact due dates will be provided on an outline maintained on the Aplia website devoted to this course.
They are also noted on the calendar below. The Aplia system will probably give you an email reminder that
something is due. But you are responsible for monitoring and complying with deadlines. No late
exercises can be accepted. The lowest 2 scores will be dropped to allow for this possibility. If you miss
a deadline, that will be one of your drops. Collectively, Aplia work is worth the equivalent of a 2 Reports
(50 points). The average of the percentage scores on the assignments that count will be calculated, and this
percentage will be multiplied into the 50 course points that are assigned to these activities.
The Aplia Course Key: 4HTZ-KWPF-4M7G
Registration Instructions are on D2L Site
D2L QUIZZES:
Mandatory Quizzes: On D2L there are short (5 Multiple Choice) D2L quizzes covering each of the major
topics in the course. These are mandatory, and will generally be due by 11:59 pm on Wednesdays and
Fridays. Exact dates are provided in the calendar below. But you are responsible for monitoring and
complying with deadlines. No late quizzes will be accepted. The lowest 2 scores will be dropped to
allow for this possibility. If you miss a deadline, that will be one of your drops. Collectively, these quizzes
are worth 40 points toward the 500 point course total. These are graded as follows: You get half the points
for completing the quiz, and a percentage of the other half of the points based on your performance. For
example, score 80% on a quiz and it gets scored as: 50% + (50%*.8)=90% =90%. Thus, there is a built in
upward bias to these scores. The purposes of the quizzes are to provide practice with exam-type multiple
choice questions and an early warning about areas where mastery may not yet be secure.
Optional Practice Quiz Version of Review Questions: I have converted all the review questions into D2L
Practice Quizzes. So the content is the same as in the Course Outline Links. But here, at least some answers
may be provided, or some hints are offered. You can work on these if you choose for additional practice.
DISCUSSION BOARD POSTINGS:
Recognizing “econ in the news and in your life” takes practice, but quickly becomes pretty easy. Finding
and summarizing examples, and browsing through those submitted by others will speed up this process.
This is also good practice for the more formal written reports. There will be a number of topical discussion
boards set up in D2L. You are required to participate in these discussions by making a minimum of 5
postings over the course of the semester. These can be questions, comments, or observations about the
topic under consideration, short summaries of relevant news articles, or even discussion of personal
experiences. In general, the goal is to explain how the topic fits into or illustrates economic analysis.
Each of your first five postings is worth one point, unless I conclude they are “junk postings” designed to
beat the system. Additional posts documents effort that helps you with “benefit of the doubt” decisions.
They can be done any time until NOON OF THE SECOND LAST CLASS MEETING (note: not final
exam week). This is because there is no value in making postings that no one will read. Toward this end,
doing them throughout the semester is greatly preferred. Bunching them at the end of the semester
works against you in terms of any “benefit of the doubt” decisions regarding grade cutoffs. You are also
encouraged to comment on the postings of others and to make additional postings. Doing so is one way to
demonstrate active participation/effort as noted below. This works in your favor with respect to “benefit of
the doubt” decisions.
STREAMING VIDEOS:
Throughout the semester I will provide a variety of streaming video. Some of these will be optional because
they cover supplemental material. These I hope you’ll watch out of interest. Others will be mandatory,
and may have embedded mini-quizzes. Watching these videos will be comparable to doing a reading
assignment. You will be responsible for the material on both clicker questions and exams. If it appears
necessary, there may also be formal mandatory quizzes associated with these on D2L or Aplia. If needed,
these points will be taken away from the reports, which will likely not work in your favor.
ACTIVE PARTICIPATION:
Mastering economics is easier if you are actively involved rather than simply listening to lectures and taking
tests. Class size limits active class participation somewhat. The Aplia exercises, and discussion boards will
help. But you should also make some positive efforts toward being actively involved. In fact, if you are
confused or unclear about something, it is likely that the only way I’ll know about it soon enough to do
anything about it is if you ask questions, or ask for clarification. You can do this in class, at office hours, by
phone, or by email, and perhaps “office chat.” But you need to do it, preferably before exams, not after.
Here are several ways you can be actively involved in your learning process.
1.
In-Class Participation: Go beyond just responding using the clickers. Ask questions or offer
observations about what is being presented. Bring in a topic or issue you see in the news that you
think might be relevant. I know it’s hard to do this in such a large class. But doing so will help
clarify the material and tighten the link between the classroom and the “real world.”
2.
Review Questions & Practice Quizzes: I have created review questions tied to each topic/lecture.
Definitely compose answers for my review questions. I have partially automated them by
making them D2L quizzes, often with answers or hints provided. Regardless, I encourage you to
check your work with me as needed. I will be happy to go over any/all questions with you.
Working through these in a small study group is an acceptable and possibly very productive
approach.
3.
Consider taking the automated quizzes on the textbook web site/CD. These were not written
by me, so they are not as good of an indicator of what may show up on a test. But they are still a
way to practice and review. Answers are provided, and you can have their system send me an email
note that you took the quizzes, which helps with the “benefit of the doubt” situation.
All of these are opportunities for you to take an active role in your learning process. In addition, as noted in
the Grades Section, I will monitor these activities throughout the semester. Those who I identify as active
participants who have made worthwhile contributions may receive a small upward grade adjustment.
ATTENDANCE:
This course is subject to College of Business attendance policies. If you miss more than four classes you
may be withdrawn from the course at my discretion. In general, however, I will not impose administrative
withdrawal for absence reasons unless there are additional extenuating circumstances. In addition, if you
decide to withdraw from this course, you should not simply stop coming and assume I will take care of
the withdrawal for you. If you do, you will probably end up with an F that you will have to go through
administrative hoops to get changed.
SPECIAL NEEDS:
Please inform me during the first week of class if you have any conditions that may limit or affect your
ability to participate in this course so that we can make necessary arrangements. You may also contact the
Office of Student Educational Services (OSES), in AMU 317 (8-3270) for more information (see also:
http://www.marquette.edu/oses/).
EMERGENCY PLAN:
Every Marquette University campus building has emergency shelter and evacuation plans. Please
familiarize yourself with the plans of each building in which you take classes or attend meetings. Make sure
to note the routes to the lowest level of the buildings for shelter during inclement weather, as well as exits
from the buildings in the event of fire or other emergency.
MISCELLANEOUS OTHER CLASS GROUND RULES:
Email submission of assignments or reports is not acceptable without prior arrangements.
Turn off cell phones; or at least silence them.
If you must leave to take a call, do not return. It is too disruptive for everyone else.
If you want to read the MU Tribune, or work on your calendar/schedule etc., do it elsewhere.
If you use a notebook computer in class, use if for class, not email, games, surfing, IM, etc.
If you use a notebook computer in class, be aware that it may be a distraction to others.
January 2010 (tentative & subject to change; updated outline maintained on D2L)
Sunday
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Class:
How Economists
Think & Analyze
Ch 1, 2, & Appendix
on Graphs if needed
22
23
28
Class:
The Demand for
Goods & Services
Ch 4, pp. 72-81
Aplia:
Intro to Using Aplia
By 11:45pm
29
24
31
Aplia:
1. Econ Tools &
Systems
2. PPF & Intnat.
Trade
By 11:45pm
25
Class:
Intro & Overview
26
Class:
Econ Models,
Players/
Interrelations:
The PPF & Cir Flow
Ch 2, pp. 28-41; Ch
19, pp. 417-24, Ch 3
27
D2L Quiz 2:
The PPF &
Circular Flow
By 11:59 pm
D2L Quiz 1:
How Economists
Think & Analyze
By 11:59 pm
D2L Quiz 3:
Demand Curve
Shifts
By 11:59 pm
30
February 2010
Sunday
Monday
1
7
14
8
15
Aplia:
Demand/Supply &
Markets
By 11:45pm
21
28
Aplia:
Elasticity Of D & S
By 11:45pm
Tuesday
Wednesday
2
Class:
The Demand &
Supply of Goods &
Services
Ch 4 pp. 72-81
3
9
Class:
More with Operation
of Markets I
Ch 4 pp. 81-88
10
16
17
Class:
D2L Quiz 4:
Supply Curve
Shifts
By 11:59 pm
Exam 1
22
23 Class:
Price Elast. of
Supply/Other
Elasticities
Ch 5 pp. 109-117;
App to Ch 5
24
D2L Quiz 8:
Other Price
Elasticities
By 11:59 pm
Thursday
Friday
4 Class:
Operation of Markets
I
Ch 4 pp. 81-88
5
11 Class:
Operation of Markets
II: Price Restrictions
Ch 4 pp. 88-91
12
18 Class:
Price Elasticity of
Demand
Ch 5 pp. 98-108
19
25 Class:
Utility Max &
Consumer Surplus
Ch 6 pp 124-28
26
Report 1
Saturday
6
D2L Quiz 5:
Market Operations
By 11:59 pm
13
D2L Quiz 6:
Price Restrictions
By 11:59 pm
20
D2L Quiz 7:
Price Elasticity of
Demand
By 11:59 pm
27
March 2010
Sunday
Monday
1
7
8
Aplia:
Consumer Choice
& Demand
By 11:45pm
14
15
Tuesday
Wednesday
2 Class:
Utility Max &
Consumer Surplus
Ch 6 pp. 128-37
3
9 Class:
Cost Relations
Ch 7 pp. 154-60
10
16
17
D2L Quiz 9:
Consumer Choice
By 11:59 pm
Spring Break
21
22
Aplia:
Production&Cost
2. Resource Mkts
By 11:45pm
29
Friday
Saturday
4 Class:
Analysis of Firms:
Production (& Input
Markets)
Ch 7 pp. 150-54 Ch
11
5
11 Class:
Cost Relations
Ch 7 pp. 154-60
12
18
19
20
6
26
27
D2L Quiz 10:
Production
By 11:59 pm
13
D2L Quiz 11:
Short Run Cost
By 11:59 pm
Spring Break
23 Class:
Cost Relations
Ch 7 pp. 160-66
24
25
D2L Quiz 12:
Long Run Cost
By 11:59 pm
Exam 2
30 Class:
Open
31
1.
28
Thursday
Class:
April 2010
Sunday
Monday
Tuesday
Wednesday
Thursday
1
Friday
Saturday
2
3
9
10
15 Class:
The Monopoly
Market Structure
Ch 9 pp. 203-16
16
17
22 Class:
Intermed. Market
Structures:
Monop.Comp &
Oligopoly
Ch 10 pp. 228-40
23
24
29 Class:
Market Failure:
Utility Reg, &
Antitrust Policy
Ch 15 pp. 330-45
30
Easter Break
(No Fooling)
4
5
6 Class:
The Competitive
Market Structure
Ch 8 pp. 175-84
7
8 Class:
The Competitive
Market Structure
Ch 8 pp. 184-88
Report 2
11
18
12
19
Aplia:
Perfect
Competition
By 11:45pm
25
Aplia:
1. Monopoly
2. Monop. Comp
By 11:45pm
26
13 Class:
The Competitive
Market Structure
Ch 8 pp. 188-99
14
20 Class:
The Monopoly
Market Structure
Ch 9 pp. 216-24
21
27 Class:
Market Failure:
Utility Reg, &
Antitrust Policy
Ch 15 pp. 330-45
28
D2L Quiz 13:
Perfect
Competition
By 11:59 pm
D2L Quiz14:
Monopoly
By 11:59 pm
D2L Quiz 16:
Intro to Market
Failure
By 11:59 pm
D2L Quiz 15:
Monopolistic
Competition
By 11:59 pm
D2L Quiz 17:
Antitrust &
Regulation
By 11:59 pm
May 2010
Sunday
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
1
2
3
Aplia:
1. Externalities
2. Public Goods
By 11:45pm
9
10
4 Class:
Externalities &
Public Goods
Ch 16 pp. 350-53;
Ch 17
5
11
12
6 Class:
Ext. & Public Goods
Ch 16 pp. 350-53;
Ch 17
7
8
Report 3
D2L Quiz 18:
Market Failure
By 11:59 pm
13
14
15
Exam 3:
8:00 am
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31